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| Issue Date | Coupon | Maturity | Conversion Price | Principal ($M) | Notes | |
|---|---|---|---|---|---|---|
| Convertible Senior Notes due 2027 | June 2021 | 0.000% | Feb 2027 | $1,432.46/share | $650M outstanding (orig issuance + greenshoe) | First MSTR convert; established 0% coupon precedent |
| Convertible Senior Notes due 2028 | Sep 2024 | 0.625% | Sep 2028 | $1,497.42/share | $1,010M outstanding | 0.625% coupon (only non-zero coupon series); reopened from initial Aug 2024 issuance |
| Convertible Senior Notes due 2029 | Nov 2024 | 0.000% | Dec 2029 | $1,924.40/share | $3,000M outstanding | 0% coupon; marquee Nov 2024 convert wave |
| Convertible Senior Notes due 2030 | Feb 2025 | 0.000% | Mar 2030 | $2,041.40/share | $2,000M outstanding | 0% coupon; conversion premium ~75% |
| Convertible Senior Notes due 2032 | June 2025 | 0.000% | June 2032 | $2,250.00/share | $1,800M outstanding | 0% coupon; conversion premium ~80% |
| Total outstanding convertible debt | ~$8.5B across all series | Weighted-avg coupon ~0.10% | Weighted-avg maturity 5.5 years | Total face value | 0%-coupon structure unique in US public markets | |
| Editorial. Why this matters | Strategic context | MSTR converts are structurally unique: 0%-coupon notes priced primarily off implied volatility of MSTR common stock (itself a leveraged-BTC vehicle). The 6+ series ladder de-risks refinancing (only $650M matures in 2027 vs $3B in 2029). The mNAV premium has to stay healthy for these to be refinance-able at favorable terms. Marquee question: as 2027 + 2028 maturities approach + mNAV compresses, do MSTR's converts get rolled into new equity issuance + lower-strike paper, or does the 0%-coupon structure force conversion + balance sheet dilution? |